Unfortunately, so many employers will not click the button. So many employers will leave billions of dollars on the table, simply because they think they will not qualify for the Employee Retention Tax Credit (ERTC).
The Truth You Need to Know About ERTC
Will you qualify?
Most likely! Nearly everyone who applies will qualify for the tax credit. And it doesn’t cost you anything to find out.
How much will you get?
You will have to apply to see! However, estimates that have been prepared have ranged from $90,000 to over $1.5 million. Think of what your community could do with financial support like that.
But wait. Isn’t the tax credit restrictive?
Not anymore. Not only has the tax credit expanded, but it has become even easier to apply for the tax credit, and even more organizations are getting approved.
What’s the catch?
There is no catch. The government put this tax credit in place to help small- to medium-sized businesses stay in business. The tax credit was offered to keep organizations, like yours, not just running, but thriving during the pandemic and its aftermath.
The risk of NOT applying for the ERTC is too great.
Our world of aging services continues to face challenges threatening our communities and services throughout Minnesota. The facts are clear:
“…aging services are on the brink of financial collapse fueled by a statewide workforce shortage. As a reminder:
1. 60% of Minnesota’s nursing homes and 70% of assisted living settings never had reserves, have exhausted their reserves, or are now using their reserves for daily operating expenses.
2. If the current situation continues, the average nursing home is projected to lose over $800,000 this year alone.
3. 11%, or approximately 40 nursing homes, have indicated they may close over the next year. 20% of assisted living providers, or almost 400 settings statewide, indicate they may close if no action is taken.
4. If almost 450 settings close, over 14,000 seniors could be in jeopardy of losing access to the care they are currently receiving.”
You can challenge these statistics by taking advantage of the ERTC.
Even if you feel unsure about your eligibility, why not find out for sure?
You know the right margins are critical to pay your employees and provide the best care.
Friends, stop guessing and start your application, because you could be losing out on thousands, if not millions, of dollars.
The Employee Retention Tax Credit is an opportunity that deserves exploration and review, especially during times like these. So, please, take the time to obtain an estimate, even if it is from another resource.
Why pass up on this opportunity to strengthen your financial margins?